Formica Capital new majority owner of Rototec Group
Formica Capital acquires Rototec Group from Intera Fund II Ky and the company’s management. Rototec is Europe’s largest provider of geoenergy solutions and has shown strong profitable growth through a combination of entrepreneurship and active M&A. Rototec is Formica’s fourth investment within the shift to a globally sustainable energy system. The company’s management will remain as significant minority owners.
Rototec is the market leader in geoenergy solutions for mid-sized and large properties, managing Europe’s largest drilling equipment fleet for geoenergy in Finland, Sweden and Norway. Rototec offers all the services from consulting and design of geoenergy systems to their implementation.
Geoenergy is an energy and space efficient technology to heat and cool properties and, with its limited climate footprint, plays an important role in the shift towards a sustainable society. Through its history, Rototec has drilled a total of 58 000 energy wells with an estimated saving of 275 000 tonnes of CO2, a bit more than the annual emissions of the region of Åland Islands.
In 2020, Rototec had revenues of EUR 51m and ~100 employees. Historically Rototec has achieved strong organic growth combined with an active M&A agenda. The market for geoenergy drilling is fragmented and with Formica as a new majority owner, Rototec’s ambition is to further consolidate the Nordic market, continue to develop new business models and also expand beyond the Nordics.
Alexej von Bagh, CEO Rototec Group:
“With Formica, we get a long-term partner whose experience in building strong companies and expertise in the energy sector will be a great strength for us. Their strong belief in sustainable energy systems combined with their focus on impact and responsibility is completely in line with our values and our view of the future. We see great potential in the collaboration to continue developing Rototec strongly into the future."
Teresa Enander, COO, Formica Capital:
“In Rototec, we see a company that has succeeded in combining deep sector competence, operational efficiency and customer focus to become the leading provider in a very important industry and we see great potential in continued growth. We hope to contribute to Rototec’s continued journey with our experience to grow both organically, through M&A and through developing new business models. To drive towards geoenergy meeting its full potential as a climate saver within and beyond the Nordics is a strong purpose for me.”
Photo: Drilling for geoenergy Photo: Rototec
For more information, please contact:
Alexej von Bagh, CEO, Rototec Group
Tel: +358 50 597 8550, alexej.vonbagh@rototec.fi
Teresa Enander , COO, Formica Capital
Tel: +46 739 17 86 91, teresa.enander@formicacapital.se
Formica Capital
Formica Capital is a Sweden based investment company with a long-term ownership strategy. It is owned by the Olsson Eriksson family. Formica Capital creates value by being an active owner in profitable and long-term sustainable companies that positively impact society. www.formicacapital.se
Rototec Group
Rototec is the Europe’s largest provider of geoenergy solutions and innovative pioneer in the field. Geoenergy is renewable energy, which can be collected from the ground. With geoenergy it is possible to heat and cool properties of all sizes. Rototec’s comprehensive concept covers the whole process from consulting and design of energy systems to their implementation. Rototec Group was established in 2007 and the company operates in the Nordic market. The revenue of the company in 2020 was approx. 51 million euros. www.rototecgroup.com
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